EURCHF continues move lower as market tests SNB

The Swiss National Bank (SNB) said last week that they would not tolerate excessive strength in the SwissFranc. That opened the window for traders to probe what excessive means. The level used to be 1.4630.  Now the pair is down to 1.4527. This is the lowest level since October 2008.  The daily lows in October reached 1.4409, 1.4319 and 1.4209 . I would doubt the SNB would look to have the currency strengthen to these levels - risking a sharp fall on breaks of the levels.  What level is ripe for some intervention?  We don't know, but if the pair continues to fall watch the 1.4483 level  This was the low off the hourly bar back from October 2008 period and a logical technical level that may be a target support level. On the topside, the 1.4630 area becomes an upside ceiling now barring a fundamental shift in the CHF.